Section 99 — Property Law Act 2007: Mortgagor or other person seeking to redeem must give notice or pay interest in certain circumstances

99 Mortgagor or other person seeking to redeem must give notice or pay interest in certain circumstances (1) The current mortgagor or other person seeking to redeem the mortgaged property after the expiry of the term of the mortgage, or of any further term for which the mortgage has been renewed or extended, must— (a) either— (i) give the mortgagee not less than 60 working days’ written notice of the intention to redeem; or (ii) pay to the mortgagee 3 months’ interest at the agreed rate (if any) at which interest is payable on the principal amount secured by the mortgage; and (b) pay to the mortgagee all other amounts secured by the mortgage. (2) Subsection (1) does not apply if the mortgagee— (a) is in possession of the mortgaged property; or (b) has appointed a receiver; or (c) has taken any other steps to realise the security (except giving notice under section 119 or 128 ). Compare: 1952 No 51 s 81(3)